Oil forming a descending triangleOil is still in no man's land, seems to be forming a descending triangle, I see three possible scenarios. At this point oil is best day traded as there seems to be indecision on where this market is headed.
UKOIL-USOIL
Crude Oil Headed To The Bottom?Hi guys, I am currently shorting this commodity, its very possible that it may reach the yearly bottom especially with the amount of momentum it has for the downside - but it doesn't have to( It can easily make some irregular flat). I have moved my stops to break-even in case Trumps feels a little vomiting on twitter about it just to be on the safe side. Please exercise good risk management before taking any trade.
Trade With Care &
Thank You For Your Support.
Crude Oil Elliott Wave IdeaA smaller timeframe idea following from some recent ideas.
1.618 was hit so if this count is correct then we could be starting subwave 4 of 3 (or C); a break below $56,96 would invalidate this count.
If the $60 area is the end of wave C then there could be a big drop in price below $54,70:
If the $60 area is the end of wave 3 then there could be a 4th and 5th wave to new highs and continue a bullish wave towards $70:
Crude Oil Elliott Wave IdeaA similar idea to the ideas below but a bearish move in between:
Looks like a bearish flag if you compare to the previous one; 0.618 is at $5860 which is where the daily EMA200 sits currently:
Crude Oil Elliott Wave IdeaAn update to a few ideas:
Could be nearing the start of an aggressive bullish move (wave C).
There appears to be a channel up formed and well supported; a break below this channel would invalidate my theory.
I believe we could see USOIL prices near to $70 by the end of 2019.
Crude Oil Elliott Wave IdeaA small timeframe idea linked to these two ideas:
Possibly in the early stages of an impulsive wave 3, but possibly a dip in price before it gets going.
If price drops below $54,98 then this count is invalid and a move down below last weeks low at $54,70 may happen.
4H chart is showing bullish divergence:
Crude Oil Elliott Wave IdeaAn update to this idea specifically:
Thinking that A & B of of a larger Y wave are completed and C of Y could begin soon; the red dashed line on this chart is the monthly bearish trendline below:
All part of larger degree idea here that the bearish trendline is tested again near $70, back to $50, then breakout of the massive triangle towards $90 >
Crude Oil Elliott Wave IdeaUpdate to several ideas below:
I think the correction may be over in form of WXY, completing wave B and near to the 0.618 level.
Daily chart printed a very bullish pattern, a Bullish Harami Cross:
Crude Oil Elliott Wave IdeaUpdate to this idea >
May be in wave 4 (of A) now but if price breaks below 5480 then the count is invalid.
Crude Oil Elliott Wave IdeaSmall time frame idea of a correction in crude oil in WXY and possibly a bullish flag.
Crude Oil Elliott Wave IdeaAn update to this idea >
I thought we'd see a 5 wave down side move but I think that move is now over as a 3 wave ABC; the down channel is broken and this could be the start of an impulsive move towards $70 before the year ends.
Larger timeframe idea here >
Crude Oil Elliot Wave IdeaUpdate to this long term idea >
It doesn't look like we'll see below $50...$47 was my estimate but it looks like a bullish leg has started which could end near the $70 area at the .786 extension and meet the long term bearish trendline (red line).
Crude Oil Elliott Wave IdeaAn update to this idea with the channel and the potential triangle added >
Other parts of the idea below:
Crude Oil Elliott Wave IdeaUpdate to recent ideas:
Could be in a triangle (ABCDE) or regular correction (ABC) for wave 4 before the 5th and final wave, possibly a similar pattern to before >
Crude Oil Elliott Wave IdeaUpdate to a few recent ideas:
Oil may still be in wave 4 and beyond the .236 retracement level but heading towards the .382 level at $55,67; there appears to be a channel down also where wave 4 could terminate before the 5th and final wave below $50.
Crude Oil Elliott Wave IdeaUpdate to a few recent ideas:
Smaller timeframe >
Larger timeframe >
Wave 3 could be at, or near an end now with an extended wave 5 (white) of 3 (yellow) hitting 1.414 extension; If wave 3 is over then wave 4 may follow to the .236 level before the 5th and final wave below $50.
UsOil UkOil Do not Aim to long in one hour whyLook at the longbuylongsellindicator based script analysis. Here in 1hr and 1w 1d all is in deep red.
The 1hr might look like in green buy zone however not,check the strengthmeters that is forming on top as per longbuylongsellindicator that is the sign it will further fall down
Wait for it to come down ,before you enter for long.
The lbls script is below
Crude Oil Elliott Wave IdeaUpdate to a couple of recent theories:
Could be nearing the end of wave 3 now as the 1.618 extension approaches. May see some sideways action for wave 4 followed by the 5th and final bearish wave towards $47-$50
Crude Oil Elliott Wave IdeaUpdate to this idea >
Looks like wave 2 (or B) has completed now in the start of either wave 3 or wave C.
If wave C of correction then may bounce and a new high from the 57$ level.
If wave 3 then the 1.618 extension is at 53$.
I prefer the 5 wave impulse move as it fits my larger timeframe view here >
Crude Oil Elliott Wave IdeaUpdate to these ideas:
Possibly in the impulsive waves down now, wave 2 up to 64XX then down for impulse wave 3
Crude Oil Elliott Wave IdeaSlight variation on this smaller timeframe count >
Looks like the 5 waves down are complete followed by a rise in price to 0.5 level, before a sell off. Could be wave 2 or B complete which fits with this larger timeframe count >
